Philadelphia's Industrial Vacancy Increases to 9.4%

"The Philadelphia Industrial market ended the third quarter 2011 with a vacancy rate of 9.4%.

The vacancy rate was up over the previous quarter, with net absorption totaling negative 302,960 square feet in the third quarter. Vacant sublease space increased in the quarter, ending the quarter at 3,621,608 square feet.

Tenants moving out of large blocks of space in 2011 include: RR Donnelley & Sons Company moving out of (686,000) square feet at York Business Center, Borders Distribution Center moving out of (598,474) square feet at 1501 Distribution Dr, and Allen Distribution moving out of (535,000) square feet at 7533 Industrial Park Way.

Rental rates ended the third quarter at $4.44, a decrease over the previous quarter.

A total of three buildings delivered to the market in the quarter totaling 768,577 square feet, with 145,770 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. national industrial vacancy rate, which decreased to 9.6% from the previous quarter, with net absorption positive 43.11 million square feet in the third quarter."
http://www.omegare.com/

Philadelphia's Industrial Vacancy Increases to 9.4% 2011-12-12T07:20:00-08:00 Rating: 4.5 Diposkan Oleh: jembe